10 Jun 2016 07:00
10 June 2016
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Bank Negotiation Update
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces the receipt by the Company of an extension to the waiver received from the Commonwealth Bank of Australia ("CBA") to certain loan covenants under the Company's Reserves Based Loan ("RBL").
Reserves Based Loan Covenant Compliance
In anticipation of the renegotiation of the Company's banking arrangements described in the Company's announcement of 1 April 2016 (and updates on 18 April and 16 May 2016), certain RBL covenants and repayment requirements have been waived by CBA until 30 June 2016, in order to allow CBA and the Company further time to agree to possible amendments to the covenant and debt repayment provisions of the RBL in the light of current and anticipated Company results. Whilst the Company expects that the new banking arrangements may be agreed at, or before, that time, there can be no guarantee that any agreement will be reached or as to the terms of that agreement, including the possible requirement for the provision of third party capital. A further announcement will be made in due course.
Enquiries:
Nighthawk Energy plc | |
Rick McCullough, Chairman | +1 303 407 9600 |
Kurtis Hooley, Chief Financial Officer | +44 (0) 20 3582 1350 |
Stockdale Securities Limited | +44 (0) 20 7601 6100 |
Richard Johnson | |
David Coaten | |